Cathay Pacific plans staff cuts at HK office

HONG KONG: Cathay Pacific Airways plans to cut the cost of middle and senior management roles at its Hong Kong head office by 30 per cent, according to an internal memo a day after the airline reported its first annual loss since 2008. Shares in Cathay Pacific jumped by as much as 2.5 per cent on Friday, with analysts saying the move would help support Cathay’s bottom line in the short term. Its shares have fallen about 18 per cent over the past year.

The Hong Kong flag carrier earlier this week reported its first full- year loss since the 2008 global financial crisis, dragged down by overcapacity, a strong Hong Kong dollar and mounting competition from mainland Chinese rivals.